New York, USA, June 29, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global revenue assurance market is predicted to rise at a tremendous CAGR of 10.0%, thereby garnering a revenue of $1,300 million in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the revenue assurance market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing demand for real-time information across various verticals is expected to become the primary growth driver of the revenue assurance market in the forecast period. Moreover, the growing prevalence of revenue leakages across the world is expected to help the market grow substantially in the forecast period.
Opportunities: Increasing demand for revenue assurance solutions in the telecommunications industry is predicted to offer numerous growth opportunities to the revenue assurance market in the forecast period. Along with this, the emergence of new technologies such as Artificial Intelligence (AI) and machine learning is estimated to push the market forward.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the high cost of implementation of revenue assurance solutions, which might prove to be a restraint for the revenue assurance market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The revenue assurance market, however, has been positively affected by the pandemic. Growing shift towards digital technologies due to remote employment tendencies led to an increase in revenue assurance solutions which helped the market grow during the pandemic period.
Segments of the Market
The report has divided the revenue assurance market into certain segments based on component, deployment type, application, and region.
Component: Solutions Sub-segment to be the Most Dominant
The solutions sub-segment is expected to be a highly dominant sub-segment by 2031. The increasing use of revenue assurance solutions by a variety of industries, including banking, telecommunications, healthcare, and retail is predicted to boost the growth of this sub-segment in the forecast period.
Deployment Type: On-Premise Sub-segment to Have a Significant Market Share
The on-premise sub-segment is expected to have a significant market share during the 2022-2031 timeframe. Since many organizations are switching from manual to automated systems to carry out different tasks, there is an increase in demand for on-premises software which is predicted to push the sub-segment forward in the forecast period.
Application: Telecom & IT Sub-segment to Grow Rapidly
The telecom & IT sub-segment is expected to be one of the most dominant sub-segments by 2031. Increasing adoption of revenue assurance solutions by telecom operators and IT companies for monitoring and analyzing revenue sources, detecting and preventing revenue leakage, and ensuring compliance with regulatory requirements is predicted to boost the growth of this sub-segment in the forecast period.
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Region: Market in the North-America Region to be the Most Profitable
The revenue assurance market in the North America region is expected to become the most profitable sub-segment. The rising need for actual time revenue monitoring and administration in the telecommunications industry is expected to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some of the prominent players of the revenue assurance market are
- Amdocs
- Hewlett Packard Enterprise Development LP
- Sandvine
- Araxxe
- Subex Ltd
- Sigos
- Cartesian
- Wedo Technologies
- Tata Consultancy Services Limited (India)
- Itron Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in February 2022, Subex, a software company, announced a partnership with Ethio Telecom, an Ethiopian telecom operator. This partnership is expected to help both the companies to increase their footprint in the industry in the coming period.
Finally, the report also summarizes many crucial aspects of the revenue assurance market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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